The 12th Annual General Meeting (AGM) of the Alltex In dustries Ltd witnessed a pan demonium yesterday when the management announced that only those shareholders who had bought primary shares of the company would get dividend
This evoked a strong protest from the shareholders who has purchased shares from the secondary market and had the cer tificates of shares transferred to their names.
After about half an hour of heated argument between the agitating shareholders and the management, the company finally agreed to give 10 per cent dividend to all share holders.
Held at a local hotel, a large number of shareholders sprang to their feet and shouted for declaration of dividend to all shareholders who had their certificates transferred to their names before the book closure for AGM.
The management of the company argued that the company's financial strength was not sufficiently strong to give dividend to all shareholders.
The company was under -subscribed when it went public and collection of the under-sub-scribed amount from the underwriters took a long time. Af-sar Uddin Ahmed. Managing Director of Alltex informed the AGM.
He also said this delay In getting money hampered the original plan of the company.
But after facing serious pressure from the shareholders he later agreed to provide dividend to all who registered their names before the AGM
In the annual report of the company, chairperson Alhaj Hasna Ahmed said that the company earned a net profit of Tk 8.38 crore during the year 1995-96
During the period the gross turnover of this hundred per cent export oriented company Increased by 34.93 per cent reaching Tk 37.24 crore from the previous year's Tk 27.60
crore
The AGM approved the enhancement of the company's paid up capital and authorised capital for vast expansion programmes.
As the present Tk 50 crore authorised capital of the company wa? not suffi^ent to accommodate future expansion the AGM approved the enhancement of authorised capital to Tk 100 crore, while its paid up capital was increased from Tk 20 crore to 40 crore.